The privacy notices include important descriptions of rights you may have to limit information sharing with other parts of the same company as well as with unaffiliated companies. If you want to control information sharing, you should take these mailings seriously.
The privacy notices also will explain what you can’t prevent from being shared. This is likely to include customer information provided to outside firms that market your financial company’s own products, handle data processing services or mail out monthly statements to customers. Banks that limit their sharing to these circumstances will provide a privacy notice stating that, as well as the fact that the customers don’t have the right to opt out of any data sharing.
In October 2014, the Consumer Financial Protection Bureau (CFPB) adopted a rule that allows financial institutions that do not engage in certain types of information-sharing to post their annual privacy notices online rather than delivering them individually. In these circumstances, consumers also must be able to call a toll-free number to request a paper copy of the privacy disclosure.
Remember that privacy practices differ at various financial institutions. If you are uncomfortable with the way your information will be treated at one institution, you may wish to shop around for a different one.
You also have the right to prohibit credit bureaus from providing information about you to lenders and insurers that want to send you unsolicited offers of credit or insurance. To remove yourself from marketing lists sold by credit bureaus, call toll-free 1-888-567-8688 or go to www.optoutprescreen.com.
Questions? Contact our New York office for more information. We are happy to help.
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Any accounting, business, or tax advice contained in this page is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.